What factors determine how much a person is paid for his or her work quizlet? According to most economics textbooks, our wages are determined just like any other price: by
supply and demand
. People supply their labor, and companies demand it, creating a market for labor.
What are the factors that influence the pay level?
- The organizations ability to pay.
- Supply and demand of labour.
- The prevailing market rate.
- The cost of living.
- Living wage.
- Productivity.
- Trade unions bargaining power.
- Job requirements.
How are wages determined quizlet?
The rate of pay for a specific job, Determined by 4 factors:
Human capital, working conditions, discrimination, and government actions
.
How are wages determined Economics?
In a competitive labor market, the equilibrium wage and employment level are determined where the market demand for labor equals the market supply of labor. Like all equilibrium prices, the market wage rate is determined
through the interaction of supply and demand in the labor market
.
What are the factors that affect the minimum wage differ from one place to another?
- National. Every worker has the right to the same minimum wage and workers and their families all have the same needs, independently of the sector of work.
- Regional. …
- Sector. …
- Occupation. …
- Enterprise size. …
- Population.
There is a very strong correlation between Skills Levels and Wages – as expected,
higher skills levels have higher wages and low skill levels have lower wages
. For those interested in statistics, the correlation coefficient for this relationship (R2) is . 936, which is close to a perfect correlation of 1.000.
White-collar workers are known as suit-and-tie workers who work in service industries and often avoid physical labor. The blue-collar stereotype refers to any worker who engages in hard manual labor, such as construction, mining, or maintenance.
Blue-collar workers work in industrial jobs, often in manufacturing, while white-collar workers work in professional or clerical jobs
. For example, someone who works in a steel factory making parts for bridges is a blue-collar worker, while a middle school science teacher is a white-collar worker.
The most obvious one is that
a white collar worker works at an office, while blue collar workers can work in various non-office settings
, such as construction sites, production lines, on the road etc. Type of labor.
Which of the following factors of productivity growth helps to promote the development of new forms of business organization?
Technological advance
.
- (i) Labour Unions:
- (ii) Personal perception of wage:
- (iii) Cost of living:
- (iv) Government legislation:
- (v) Ability to pay:
- (vi) Supply and demand:
- (vii) Productivity:
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External factors influencing wage rates include
labour market conditions
, area wage rates, cost of living, the outcomes of collective bargaining, and legal requirements.
Factors that can shift the demand curve for labor include:
a change in the quantity demanded of the product that the labor produces
; a change in the production process that uses more or less labor; and a change in government policy that affects the quantity of labor that firms wish to hire at a given wage.
Skill-based pay plans are consistent with several motivation theories. Because they
encourage employees to learn, expand their skills, and grow
, they are consistent with FRG theory. Among employees whose lower-order needs are substantially satisfied, the opportunity to experience growth can be a motivator.
Skilled blue collar workers can typically find jobs that use their skill set without extra training. Many blue collar workers also benefit from
the ability to leave work at work and enjoy a satisfying personal life
. Once the shift is over, his or her loyalty can shift from his employer to his family.
In most organizations, salaries are determined by
mapping roles and job descriptions with similar organizations (competitors) through a third-party compensation and benchmarking service
.
